UPDATE: A WARRNAMBOOL couple in their 60s have died after their boat capsized 50 metres from shore in Port Fairy, in Victoria's west.

Police say another man aged 43 jumped from the boat and swam to shore while the older man aged 65 and his wife, 60, remained on the 4.4 metre craft as it drifted towards waves and capsized.

An Ambulance Victoria spokeswoman said officers were called to the seaside resort at 3.20pm on Sunday after reports a small boat had capsized.

The couple were given CPR on the beach but could not be revived while the younger man was transported to South West Health Care with minor injuries.